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Algeria Details Power Generation Capacity Expansion Plans
...me period. The expansion plans follow a recent series of outages as peak summer demand hit new records. Demand hit a record 10.06gw on 4 August, more than 14% over the 2011 maximum. However, supply was unable to keep pace, forcing Sonelgaz to instigate a series of rolling power cuts with co...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
Kuwait Realizes $47Bn Budget Surplus
...er. Public expenditure meanwhile was around KD17bn ($60.2bn), some 12.4% below the KD19.4bn ($69.7bn) initially projected by the 2011-12 budget (MEES, 26 March). “It is a record surplus. Ninety-five per cent or thereabouts of revenues come from oil, and oil prices have been very well supported ab...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
Kufpec Expands Australian Presence With Offshore Oil Concession Award
...2011, and four assets that are still in the development stage. It also holds a 7% stake in the $29bn Chevron-operated Wheatstone LNG project in Western Australia, which in May this year reached a deal to sell upwards of 80% of its output to Japan’s Tohoku Electric Power Company. First gas, ac...
Volume: 55Issue: 36Published at Mon, 03 Sep 2012 -
Kazakhstan To Double Oil Fund By 2015; Azeri Fund Expands By 36%
...lue of $8bn, equivalent to almost one-quarter of Kazakhstan’s annual budget, estimated this year at $31.6bn. Meanwhile Sofaz, Azerbaijan’s national oil fund, expects an annual increase of around 36% in its assets in 2011, according to a statement released on 26 August by Sofaz Executive Director Sh...
Volume: 54Issue: 36Published at Mon, 05 Sep 2011 -
Egypt Drafts Plan To Reduce Energy Subsidies
...rgest component of total subsidies of E£135bn ($22.7bn) set aside in the country’s 2011-12 budget, Mr Biblawi noted. However the budget approved earlier this year had allocated a higher figure of E£157.8bn ($26.5bn - MEES, 11 July). “We are in an unhealthy situation, and there are complications in th...
Volume: 54Issue: 36Published at Mon, 05 Sep 2011 -
Pedec Says North Azadegan On Schedule, Fears Grow Over Foreign-Led Projects
...PC that it will cancel a contract for the development of South Pars Phase 11, signed in 2009, if CNPC does not fulfill the terms of the agreement, which called for the initiation of the project’s development within the first half of 2011 (MEES, 27 June). Mr Sadouni said that CNPC has already in...
Volume: 54Issue: 36Published at Mon, 05 Sep 2011 -
Jordanian Cabinet Approves $823Mn Supplementary Budget
...Middle East Economic Survey VOL. LIV No 36 5-Sep-2011 Jordan Jordanian Cabinet Approves $823Mn Supplementary Budget The Jordanian government on 23 August approved a supplementary budget of JD584mn ($823mn) for 2011 to cover extra spending on food and energy subsidies. Jo...
Volume: 54Issue: 36Published at Mon, 05 Sep 2011 -
Saudi Non-Oil GDP Growth Estimated At 5.5% In 2011, Says Samba
...Middle East Economic Survey VOL. LIV No 36 5-Sep-2011 SAUDI ARABIA Saudi Non-Oil GDP Growth Estimated At 5.5% In 2011, Says Samba Saudi non-oil GDP growth in 2011 is estimated at 5.5%, although the pace of private activity—both investment and consumption—is expected to slow so...
Volume: 54Issue: 36Published at Mon, 05 Sep 2011 -
RAK Petroleum Updates On Operations, Reports 2Q11 Profits
...Middle East Economic Survey VOL. LIV No 36 5-Sep-2011 UAE RAK Petroleum Updates On Operations, Reports 2Q11 Profits UAE-based oil and gas exploration and production company RAK Petroleum on 29 August reported its financial results for the second quarter of 2011, announcing al...
Volume: 54Issue: 36Published at Mon, 05 Sep 2011 -
UAE Real GDP Growth Rate Expected To Exceed 4% In 2011, Says Samba
...Middle East Economic Survey VOL. LIV No 36 5-Sep-2011 UAE UAE Real GDP Growth Rate Expected To Exceed 4% In 2011, Says Samba Real GDP growth in the UAE is expected to exceed 4% this year, bolstered by healthy public investment, rising hydrocarbons production and exports and a po...
Volume: 54Issue: 36Published at Mon, 05 Sep 2011 -
Kazakhstan To Double Oil Export Duties To $40/Ton For 2011
...Middle East Economic Survey VOL. LIII No 36 6-Sep-2010 CASPIAN Kazakhstan To Double Oil Export Duties To $40/Ton For 2011 Kazakhstan’s Minister of Finance Bolat Zhamishev told a cabinet me...
Volume: 53Issue: 36Published at Mon, 06 Sep 2010 -
Khamenei Backs Ahmadinejad’s Push To Remove Subsidies
...ply...the plan for removing subsidies.” The bill is intended to limit subsidies beginning in September, with a view to saving $20bn in the current Iranian year (21 March 2010 – 20 March 2011). However, prominent conservatives have criticized Mr Ahmadinejad for not providing a clear plan on how he in...
Volume: 53Issue: 36Published at Mon, 06 Sep 2010 -
Gulf Banks Recovering Despite $20Bn Loan Losses And Impairments, According To S&P
...e Gulf Cooperation Council (GCC) are starting to recover thanks to high oil prices and government policies. S&P says that the asset quality of Gulf banks rated by the agency should improve from 2011 and that their margins and efficiency will provide a solid foundation for their return to high pr...
Volume: 53Issue: 36Published at Mon, 06 Sep 2010 -
Ex-Im Bank Approves Funding For Al Dur IWPP
...pacity of 1.234gw and a desalination capacity of 48mn gallons/day (218,000 cmd) of water and is due to start initial production in 2010, with full commercial operation to commence in 2011. After recently selling 30% of Al Dur to Bahraini investors (the Social Insurance Organization of Bahrain, In...
Volume: 52Issue: 36Published at Mon, 07 Sep 2009 -
Nile Commercial Bank Rescued Again
...velopments at Nile highlight the problems for the south, which will be holding a referendum on its independence in January 2011, the fact that the authorities have been willing to step in at least illustrates the desire for financial stability. Southern Sudan has a conventional banking system, which is ov...
Volume: 52Issue: 36Published at Mon, 07 Sep 2009 -
NIOC To Bring In Chinese Heavy Oil Expertise
...heavy crude oil: “The refinery is at the basic engineering designing phase, with 5% of physical progress completed.” The unit is scheduled to become operational in 2011 (MEES, 14 April 2008)....
Volume: 51Issue: 36Published at Mon, 08 Sep 2008 -
NPC Earmarks 20 Subsidiary Companies For Privatization
...onomic Commission Allocates Extra €370Mn For Completion Of Petrochemical Plants Iran’s Economic Commission has increased funding for the Kavian, Mahabad and Lorestan petrochemical projects in order to ensure their completion by the existing 2011 deadline, Mehr News Agency reported on 3 September. Th...
Volume: 51Issue: 36Published at Mon, 08 Sep 2008 -
Iran’s Oil And Gas Export Earnings Up 32% To $81.8Bn In March 2008
...670 1390 (2011-12) 2.210 1391 (2012-13) onwards 6.844...
Volume: 51Issue: 36Published at Mon, 08 Sep 2008 -
Parsons Brinckerhoff Appointed Owner’s Engineer For Qatar’s Ras Laffan C IWWP
...tar, the company announced on 19 August. Ras Laffan C is being developed on a fast-track basis to help meet the demand for electricity in Qatar, which is rising at the rate of about 17% annually. Located in Ras Laffan Industrial City, the project will produce some 2.73gw of power beginning in 2011 an...
Volume: 51Issue: 36Published at Mon, 08 Sep 2008 -
Mitsui, GS Engineering To Build Hydrocracker At Mostorod Refinery
...e 135,000 b/d Mostorod oil refinery north of Cairo. The units, which will boost diesel and other middle distillate output, are expected to come on-stream by 2011. According to GS, the units include an 80,000 b/d vacuum distillation unit and a 40,000 b/d hydrocracker....
Volume: 50Issue: 36Published at Mon, 10 Sep 2007